With a perfect storm of low interest rates and rising inflation eating away at their nest eggs, savers are creeping out from behind their cash piles in the hunt for returns.
Volatility in the financial markets over the past few years has seen many hunkering down and keeping their money in the supposedly “safe” form of cash. But with the Bank of England keeping interest rates at record lows of 0.5%, money on deposit is garnering meagre returns for savers. Add to this rising inflation – UK CPI inflation rose from 2.4% to 2.7% in May, erasing the drop to 2.4% seen the previous month –, which erodes spending power, and the future of holding cash looks bleak. Recent research by retirement specialist MGM Advantage suggests 360,000 people retiring each year c...
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